MIRA INFORM REPORT

Report No. :	341788
Report Date :	21.09.2015

IDENTIFICATION DETAILS

Name :	FIRST ELEMENT BVBA

Registered Office :	Hoveniersstraat 22 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	16.05.2013

Com. Reg. No.:	534592437

Legal Form :	Private Limited Company

LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

BELGIUM - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company summary

Business number	534592437
Branche Unit Number	2219155706
Company name	FIRST ELEMENT BVBA
Address	HOVENIERSSTRAAT 22
	2018 ANTWERPEN
Number of staff	0
Date of establishment	16/05/2013
Telephone number	-
Fax number	-

Commentary

No employees are recorded for this business.

The business has been at the address for over 2 years.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		232,537	172,224	172,224

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	-	0	18,600	153,624

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	110.56	Industry average day sales	172.81
expectation days		outstanding
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Company accounts

Assets
Annual accounts	31-12-2013
Weeks	32
Currency	EUR
Total fixed assets	-
Intangible fixed assets	0
Tangible fixed assets	-
Land & building	-
Plant & machinery	-
Furniture & Vehicles	-
Leasing & Other Similar Rights	-
Other tangible assets	0
Financial fixed assets	-
Total current assets	3,952,170
Inventories	242,367
Raw materials & consumables	-
Work in progress	0
Finished goods	0
Other stocks	242,367
Trade debtors	3,354,349
Other amounts receivable	6,692
Cash	320,979
Miscellaneous current assets	27,784
Total Assets	3,952,170
Liabilities
Total shareholders equity	172,224
Issued share capital	18,600
Share premium account	-
Revaluation reserve	-
Reserves	153,624
Provisions for Liabilities & Charges	0
Deffered taxes	-
Creditors	3,779,946
Other long term loans	-
Long term group loans	-
Other long term liabilities	0
Total long term debts	0
Current portion of long term debt	-
Financial debts	-
Trade creditors	3,701,010
Amounts Payable for Taxes, Remuneration & Social Security	78,913
Miscellaneous current liabilities	23
Total current liabilities	3,779,946
Total Liabilities	3,952,170
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-
Return on capital employed	135.02
Return on total assets employed	5.88
Return on net assets employed	135.02
Sales / net working capital	-
Stock turnover ratio	-
Creditor days	-
Debtor days	-
SHORT TERM STABILITY
Current ratio	1.05
Liquidity ratio / acid ratio	0.98
Current debt ratio	21.95
Liquidity ratio reprocessed	-
Cashflow	153,624
Net worth	172,224
LONG TERM STABILITY
Gearing	-
Equity in percentage	4.36
Total debt ratio	21.95
Working capital	172,224
Profit & loss
Operating Income	-
Turnover	-
Total operating expenses	-
Gross Operating Margin	238,014
Operating Charges	-
Employee costs	-
Wages and salary	-
Employee pension costs	-
Social security contributions	-
Other employee costs	0
Director remuneration	-
Amortization and depreciation	-
Operating result	237,690
Total financial income	457
Total financial expenses	5,610
Results on ordinary operations before taxation	232,537
Extraordinary Income	-
Extraordinary Charges	-
Extraordinary items	0
Results for the Year Before Taxation	232,537
Other appropriations	-
Taxation	78,913
Results on ordinary operations after taxation	153,624
Net result	153,624
Profit (Loss) for the Year to be appropiated	153,624
Dividends	-

Social BALANCE SHEET DETAILS

Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		-
Part-time Employees		-
Total Fte Employees		-
Number of hours worked
Full-time Employees		-
Part-time Employees		-
Total		-
Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		-
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		-
Actual working hours		-
Personnel Charges		-
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	-	-	-
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	-	-
Blue collar worker	-	-	-
Other	-	-	-
Temporary personnel		Total
Average number of temporary staff		-
Actual working hours		-
Cost of temporary staff		-
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	-	-	-
Leavers	-	-	-

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	-
Day sales outstanding	-

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	110.56
expectation days
Industry average day sales	172.81
outstanding

Industry Quartile Analysis

Payment expectations
Company result	-
Lower	120.44
Median	75.16
Upper	45.49
Day sales outstanding
Company result	-
Lower	105.52
Median	54.63
Upper	24.84

Shareholder Details

Summary
Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

SHAREHOLDER NAME
Forename	Edward	Middle name	Timothy
Surname	Wilkes
SHAREHOLDER DETAILS
Start date	16/05/2013	End date	-
Percentage owned	5%
SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	South Africa
SHAREHOLDER NAME
Forename	Johannes	Middle name	Petrus
Surname	Erikson
SHAREHOLDER DETAILS
Start date	16/05/2013	End date	-
Percentage owned	95%
SHAREHOLDER ADDRESS

Linked Companies

Summary
Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Summons

There is no data for this company

Protested Bills

There is no data for this company

Bankruptcy and other legal events

There is no data for this company

Director details

Current director details

Position	Principal Manager
Start Date	21/05/2013
Street
Post code
Country	South Africa
Name	EDWARD JAMES TIMOTHY WILKES

Former director details

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.93
UK Pound	1	Rs.102.75
Euro	1	Rs.75.13

INFORMATION DETAILS

Analysis Done by :	KIN

Report Prepared by :	VNT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

Registered contractor	-
number
Contractor description	-
Date struck off register

Personnel (NSSO classification)
Code	-
Description	-

Joint Industrial Committee (JIC)

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Accounts

Payment expectations

Company information

Company accounts

Social BALANCE SHEET DETAILS

Payment Information

Industry Quartile Analysis

Shareholder Details

Group Structure

Minority Shareholders

Minority Interests

Individual Shareholders

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit